HSBC Plans For Up to 200 U.S. Job Cuts, Jobs May Go to Ireland

A view shows the entrance to a HSBC Bank branch in New York. The company plans to eliminate half of its U.S. retail branches by 2013. Photo: REUTERS

HSBC Holdings Plc plans to move a fund administration unit from New York to Dublin, according to reports published Thursday.

As many as 200 jobs in the U.S. may be eliminated, a person familiar with the matter told Bloomberg. The source, who requested anonymity since the decision hasn't been finalized, said some of those positions could be moved to Dublin. A final decision is expected within the coming months.

The unit provides services such as accounting and compliance assistance to various hedge funds and other groups of investors.

If the job cuts at the London-based financial giant go through, it will continue a trend of announced layoffs across financial firms with a presence in the U.S. Bank of America said in September it plans to cut about 30,000 jobs over the next several years to reduce expenses by $5 billion. Citigroup in December announced plans to cut 4,500 jobs in "the coming quarters."

Other firms, including Credit Suisse, Goldman Sachs and Morgan Stanley, have recently announced their intentions to reduce headcount. About 10,000 finance industry jobs in the state of New York alone would be shed by the end of 2012, according to an October report by state comptroller Thomas DiNapoli.

HSBC itself plans to go through a major downsizing. The company said it plans to eliminate about 30,000 jobs worldwide within the next two years and plans to sell half its U.S. retail bank branches.The company employs about 290,000 people.

Other financial firms, including Credit Suisse, Goldman Sachs and Morgan Stanley, have recently announced their intentions to cut payrolls. About 10,000 finance industry jobs in New York state could be shed by the end of 2012, according to a report by State Comptroller Thomas DiNapoli.

Shares of HSBC were up 0.58 percent to £43.02 ($68.08) as of 9:30 a.m. EST.